BERKELEY, CA December 18, 1997 -- BioTime, Inc. (BTIM - NASDAQ) announced that it has initiated filing of its New Drug Application with the Food and Drug Administration for the manufacture and marketing of Hextend® under the rules for 90 day advanced submissions of chemistry, manufacturing and control data. Hextend® is BioTime's proprietary blood plasma volume expander. BioTime has licensed the manufacturing and marketing of Hextend® in the United States and Canada to Abbott Laboratories. In return, Abbott has agreed to pay BioTime royalties and a licensing fee.

BioTime, headquartered in Berkeley, California, is engaged in the research and development of synthetic blood plasma expanders and hypothermic blood substitute solutions and technology for use in surgery, emergency trauma treatment, the preservation of organs awaiting transplant, and for other biomedical applications.

Statements contained herein that are not historical facts may constitute forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those discussed. These factors include the results of clinical trials of Hextend®, BioTime's ability to obtain FDA and foreign regulatory approval to market Hextend®, the availability and terms of additional financing, competition from products manufactured and sold or being developed by other companies, and the price of and demand for any BioTime products that are ultimately sold.

CONTACT: Victoria Bellport (510) 845-9535